Rwandans abroad will be able to send money directly to beneficiaries’ bank accounts following the launch of a new platform that will facilitate the service. The account based money transfer (ABMT) service launched by Ecobank Rwanda, a pan-African banking institution, and Western Union on Tuesday will also help boost efficiency and competitiveness of money transfer services in the country, according to Ecobank officials and financial experts. The partnership will enable the bank customers, especially those using on retail Internet banking, to access Western Union services without necessarily going to the bank or any other Western Union outlets,” Wilfrid Bocco, the Ecobnak head of domestic banking, said. “The ABMT service will give Ecobank customers convenient access to the Western Union service via Internet banking, and at any of the ATMs and kiosks across the country. “It also makes it easier for customers to receive money on their accounts anytime from any of the 510,000 Western Union agents in 200 countries globally,” Bocco said. He added that the initiative will also enable the bank tap into the unbanked population, and help them integrate into the country’s formal financial system. It boost efforts to increase financial inclusion to 80 per cent by 2018 under the second Economic Development and Poverty Reduction Strategy (EDPRS II) programme, he said. Bocco said the service is also responding to the bank’s need to invest in innovative technologies, and initiatives that will help create a strong and reliable banking industry in the country. “It is critical that we bring on board technologies that will serve customers with reliable and affordable products. It is on this note that we are partnering with Western Union as one of the strategies to enhance customer convenience,” Bocco told The New Times. Louise Murekatete, the head of electronic banking and remittance at Ecobank, said the new platform could help boost remittances from the Rwanda diaspora. The service can be accessed at all the bank branches and more than 2,600 agent locations across its footprint in 36 countries in coming months. business@newtimes.co.rw
